Banks led by JPMorgan Chase have increased a junk loan to $2.6 billion to support the acquisition of Janus Henderson Group by Nelson Peltz's Trian Fund Management and General Catalyst. The financing package was expanded after underwriters canceled a planned bond sale due to volatile market conditions, according to people familiar with the matter.

Trian and General Catalyst announced their $2.8 billion takeover bid for the asset manager in November, offering $24.50 per share. The deal faced immediate scrutiny from investors who questioned whether the price adequately valued Janus Henderson's assets under management and growth potential. Market turbulence in recent weeks has complicated the financing process for leveraged buyouts across the sector.

The decision to scrap the bond component and rely solely on leveraged loans reflects broader market uncertainty. With interest rates elevated and credit markets choppy, underwriters are becoming more cautious about multi-tranche financing structures. The increased loan size suggests lenders remain willing to support quality deals despite challenging conditions, though at terms that may be less favorable than initially envisioned.